UBS (UBS) Expects To Incur A Q2 Net Loss; Raising Money
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UBS (NYSE: UBS) expects to incur a net loss for its Q2 2009. The majority of the expected loss is attributable to own credit and the restructuring charges that have already been announced. The operating result for the quarter is expected to represent an improvement compared with Q1 of 2009, largely attributable to better market conditions affecting the Investment Bank and a reduction in losses and write downs on legacy risk positions.
UBS is offering 293,258,050 newly issued shares from authorized capital to a small number of institutional investors at a price of CHF 13.00 per share. After deducting costs associated with the placement, the amount of new equity capital expected to be raised is approximately CHF 3.8 billion.
Net new money has been negative in the three wealth and asset management divisions in the quarter to date.
Due to a reduction in risk-weighted assets, the group's Tier 1 capital ratio is expected to be higher at 30 June 2009 than at 31 March 2009. The Tier 1 capital ratio is not affected by own credit charges.
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